Marketing Insights and Consumer Behavior

These flashcards cover key vocabulary and concepts related to marketing insights and consumer behavior as presented in the lecture notes.

SCORE Framework

A structured approach to understanding uncertainties in customer behavior and market conditions.

Willingness-to-Pay (WTP)

The maximum price consumers are willing to pay for a product or service, which varies based on context and individual circumstances.

Exploratory Research

A type of research aimed at gaining insights and understanding into a problem or situation when little is known.

Contextual Factors

Environmental influences that affect consumer behavior and decision-making processes.

ABCE Components

A framework encompassing Affect (feelings), Behavior (actions), Cognition (thoughts), and Environment in understanding consumer experiences.

Consumer Insights

Knowledge derived from understanding consumer needs and behaviors that guide marketing strategies and product development.

AIDA Model

A marketing model outlining the stages of Awareness, Interest, Desire, Action that consumers go through in the buying process.

Consumption Situations

Contexts or scenarios in which consumers engage in purchasing, using, and disposing of products or services.

Surplus Resources

Excess resources that customers can use in exchanges to fulfill unmet needs.

Uncertainties in Marketing

Information gaps or unknowns about consumer behavior that can hinder effective marketing strategies.